Search form

Trump Considers Big 'Fine' Over China Intellectual Property Theft

The president of the United States mentioned that he is considering a huge fine which is actually a part of the inquiry into the theft of property by China which gave a clear indication that the administration of Donald Trump is on the verge of taking revenge on the trade action against the Chinese nation. In an interview, US president Donald Trump and Gary Cohn who is his economic adviser stated that the Chinese nation has persuaded US companies to transfer all of their intellectual property to the Chinese nation as the cost of doing business. The United States has already begun a trade inquiry into this particular issue and Gary Cohn mentioned that the trade representatives of the United States would make recommendations about this issue.

Donald Trump stated in the interview that they have a huge intellectual property potential fine going on which would be found out. But at the interview the US president did not make it clear what he exactly meant by a fine against the Chinese nation. The 1974 law of trade which authorized an inquiry into the alleged theft of intellectual property of the United States by China allows the president to impose revengeful tariffs on goods of China or any other sanctions of trade until the time that the Chinese nation changes its policies. Trump also mentioned that the damages could be extremely high though the elaboration of the numbers about how they were reached and how the costs would be imposed has not been considered here. Trump said that damages could be so high that it cannot even be imagined.

The businesses in the United States say that they lose several billions of dollars in technology and millions of jobs to Chinese firms which have stolen both ideas and software or persuaded them to turn over the intellectual property simply as the cost of doing business in China. The president of the United States clearly mentioned that he wanted the United States to have a smooth relationship with China, but at the same time China also needs to treat the United States in a fair manner. Donald Trump stated that he would declare some kind of action against China over trade and also mentioned that he would be discussing this particular issue at the time of his State of the Union address to the US Congress which is scheduled for the 30th of January 2018.